What is it?
The government’s widely publicised automatic enrolment pension scheme began on the 1st of October 2012. The scheme was introduced with the intention of making it easier for people to save towards their retirement. Eventually all employers will need to enroll their staff in a qualifying scheme should they not already be in one.
Who is eligible?
Employees, earning more than £8,105 a year, above 22 years of age and below state pension age will qualify.
Those that do not qualify for automatic enrolment will still have the right to join the scheme, if they so choose.
Does it affect me?
If you are an employer then, yes. However one aspect of the scheme that the publicity does not make clear is that automatic enrolment will be gradually introduced over the next 5 years and when you come into the scheme depends on the number of employees that you have. Only organisations employing 120,000 or more people as at 1st October 2012 are affected now. Employers with 50 or fewer staff will not be part of the scheme until between 2015 and 2017.
More detailed information on the relevant dates and other aspects of automatic enrolment can be found at The Pensions Regulator
The government’s widely publicised automatic enrolment pension scheme began on the 1st of October 2012. The scheme was introduced with the intention of making it easier for people to save towards their retirement. Eventually all employers will need to enroll their staff in a qualifying scheme should they not already be in one.
Who is eligible?
Employees, earning more than £8,105 a year, above 22 years of age and below state pension age will qualify.
Those that do not qualify for automatic enrolment will still have the right to join the scheme, if they so choose.
Does it affect me?
If you are an employer then, yes. However one aspect of the scheme that the publicity does not make clear is that automatic enrolment will be gradually introduced over the next 5 years and when you come into the scheme depends on the number of employees that you have. Only organisations employing 120,000 or more people as at 1st October 2012 are affected now. Employers with 50 or fewer staff will not be part of the scheme until between 2015 and 2017.
More detailed information on the relevant dates and other aspects of automatic enrolment can be found at The Pensions Regulator
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